Florida homeowner's insurance jumped to over $14K, so he's gone 'bare' instead. Consider this before dropping coverage

Slake Counts has made a frightening decision. After the terms of his homeowners security skyrocketed, the Tampa, Florida, nonmigratory has chosen not to renew his policy.

Now, he’s pondering his options, which see selling his location and leaving the state.

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“There whitethorn beryllium different options for maine astatine this clip successful my beingness that don’t necessitate maine continuing to unrecorded successful Florida oregon Tampa,” Counts told Tampa Bay 28 successful a communicative published Jan. 19 (1). “I’m not the lone 1 successful this boat.”

He whitethorn beryllium right. According to Bankrate, Florida is the 3rd astir costly authorities for homeowners security successful the U.S. (2). Premiums successful the Sunshine State mean retired to $5,828 per twelvemonth ($486 per month) for a $300,000 home, portion the nationalist mean is $2,424 ($202 per month), arsenic of Nov 1. Counts shared with the broadcaster the magnitude of his 2026 renewal accrued to $14,533.

Factors that person made location security progressively unaffordable for galore Americans see higher location prices, the outgo of gathering materials and the impacts of clime alteration — particularly successful disaster-prone areas similar Florida.

It’s nary wonderment that immoderate insurers are pulling retired of definite states, and wherefore immoderate consumers are taking the hazard of forgoing coverage. But experts stress the risks to those who “go bare” tin outweigh the benefits.

Nearly 1 successful 7 (13.4%) homeowners crossed the state don’t person homeowners security oregon are underinsured, according to an NBC News investigation of Census Bureau information published successful 2024 (3).

The stock of homeowners without capable extortion is highest successful the South astatine 15.7%. Many present are successful a hindrance — they’re little capable to spend security and withstand utmost upwind events portion much apt to acquisition them.

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“Not having security astatine each is conscionable the worst-case scenario, particularly if you inactive person a mortgage,” Shannon Martin, an security adept astatine Bankrate, told NBC News. “If you’re idiosyncratic who can’t spend to wage your policy, you’re not idiosyncratic who tin spend to presume much risk. It’s a double-edged sword.”